NAR: Home prices are firming

Real Estate News Blog Headline

Great news: Existing-home sales rise in September

According to the National Association of Realtors existing-home sales increased 5.5% in September. This was 1.4% higher than September 2007. Are we at the bottom of the market? Who knows? But NAR chief economist Lawrence Yun said that turnaround in home sales which began in California earlier this year is now spreading to Colorado, Kansas, Minnesota, Missouri, and Rhode Island. Obviously, low interest rates have helped buyers get off the fence. This is the highest level of existing-home sales in 13 months and the biggest percentage increase in 5 years.

Posted: October 24, 2008

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